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Cyngn | 8-K: Cyngn Reports Third Quarter 2024 Financial Results

SEC ·  Nov 7 19:09

Summary by Moomoo AI

On November 6, 2024, Cyngn Inc., a Delaware-based developer of industrial autonomous vehicles, reported its financial results for the third quarter ending September 30, 2024. The company, which is listed on the Nasdaq Capital Market under the symbol CYN, highlighted several operational achievements including the first paid deployment of its DriveMod Forklift and the signing of commercial contracts with major industry players in automotive service equipment and defense. Cyngn also expanded its sales channels and secured additional U.S. patents. The third quarter revenue was $47.6 thousand, a slight increase from $25.2 thousand in the same quarter of the previous year. The revenue primarily came from EAS software subscriptions from DriveMod Stockchaser vehicle deployments. Total costs and expenses remained consistent year-over-year at $5.6 million...Show More
On November 6, 2024, Cyngn Inc., a Delaware-based developer of industrial autonomous vehicles, reported its financial results for the third quarter ending September 30, 2024. The company, which is listed on the Nasdaq Capital Market under the symbol CYN, highlighted several operational achievements including the first paid deployment of its DriveMod Forklift and the signing of commercial contracts with major industry players in automotive service equipment and defense. Cyngn also expanded its sales channels and secured additional U.S. patents. The third quarter revenue was $47.6 thousand, a slight increase from $25.2 thousand in the same quarter of the previous year. The revenue primarily came from EAS software subscriptions from DriveMod Stockchaser vehicle deployments. Total costs and expenses remained consistent year-over-year at $5.6 million, with a net loss of $(5.4) million for the quarter, which was marginally lower than the $(5.5) million net loss in the third quarter of 2023. The company's cash and short-term investments totaled $2.8 million as of September 30, 2024, down from $8.2 million at the end of 2023. Cyngn emphasized the importance of its DriveMod technology in addressing challenges such as labor shortages and the increasing demand for eCommerce, positioning itself in the growing market for autonomous industrial vehicles.

This announcement is a separate document:

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